Siemens to launch new business, Siemens Energy
November 14, 2019 By Kavita Sabharwal-Chomiuk
Siemens recently announced the name of its new energy company, which it says will combine the worlds of conventional and renewable energy, will be Siemens Energy. The new business, which Siemens expects will become an independent company in the future, will officially take on the new name as of April 2020, once the energy business becomes a separate legal entity. Siemens Energy is to be spun off as a publicly listed company by September 2020.
The company’s offerings “will address a significant portion of the value chain across the oil and gas, power generation and power transmission segments, including the related service activities.” On a pro-forma basis, Siemens Energy generates about €27 billion in revenue and employs approximately 88,000 people worldwide. Currently, the company says 20 per cent of the world’s energy supply is based on Siemens technology.
The naming process for the company began in June 2019, with employees taking part in suggesting names for the new brand. According to Michael Sen, co-CEO of Siemens’ gas and power operating company and future CEO of Siemens Energy, the selected name was the number-one name proposed by the employees.
“It is an exciting journey,” said Lisa Davis, Co-CEO of Siemens’ Gas and Power Operating Company. “The new Siemens Energy company will be a unique opportunity to shape the future of the world’s energy agenda.”
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